The Company was established to acquire an equity interest in Global Water Resources, Inc. ("Global Water"). Global Water is a U.S., pure-play, water resource management company based in Phoenix, Arizona, that owns and operates water, wastewater and recycled water utilities. The Company accounts for its investment in Global Water using the equity method of accounting; therefore, the financial information of Global Water is not consolidated with that of the Company. All references in this press release to consolidated financial information refer to Global Water on a consolidated basis and, unless otherwise indicated, all amounts are in U.S. dollars.

Second Quarter and Year To Date Highlights

Grew active service connections by 649 to 44,217 as of June 30, 2015, compared with 43,568 as of December 31, 2014. This represents an annualized 3% increase;

Achieved $0.2 million revenue increase for the quarter ended June 30, 2015 which was $9.1 million compared to $8.9 million in the quarter ended June 30, 2014; and a year to date revenue increase of $0.9 million, which was $16.7 million for the six months ended June 30, 2015 compared to $15.8 million for the same period in 2014. This represents a 5.4% increase;

Achieved $0.6 million (or over 8%) decrease in operating expenses for the quarter ended June 30, 2015, which were $6.8 million compared to $7.4 million for the quarter ended June 30, 2014; and achieved approximately $1.0 million reduction in operating expenses for the six months ended June 30, 2015 compared to the same period in 2014 (after excluding the $50.7 million one-time gain associated with the regulatory order experienced in 2014);

Achieved $0.7 million improvement in Adjusted EBITDA for the quarter ended June 30, 2015, which was approximately $4.7 million compared to $4.0 million in the quarter ended June 30, 2014; Achieved $1.8 million (or 30%) improvement in Adjusted EBITDA for the six months ended June 30, 2015, which was approximately $7.9 million compared to $6.1 million for the same period in 2014; and,

Commenced a normal course issuer bid which allows the Company to repurchase up to 87,500 common shares, representing approximately 1% of the total issued and outstanding common shares, between May 13, 2015 and May 12, 2016, and repurchased 30,400 shares to date.

Highlights Subsequent to Quarter End

Completed the sale of Valencia Water Company's assets to the City of Buckeye for $55.0 million in up-front payments and a 20-year growth premium with payments up to an additional $45.0 million;

Issued a special cash dividend of CAD $1.55 per share, which was paid on August 12, 2015 to shareholders of record as of the close of business on August 7, 2015; and,

Increased the monthly dividend by nearly 9%, reflecting an annualized amount of CAD $0.3396 per share or CAD $0.0283 per share on a monthly basis. This increase will be reflected in the dividend payable August 28, 2015 to shareholders of record as of the close of business on August 14, 2015.

"2015 has been an exceptionally strong year for us," stated Ron Fleming, President and CEO of Global Water. "In addition to closing the Buckeye transaction, we continued to demonstrate strong financial performance driven by the phase-in of new rates, increased connections and significant reductions to recurring operating expenses."

"In July 2015, we issued a special dividend and announced an increase to our monthly dividend. Both of these initiatives have further demonstrated our commitment to returning consistent value to our shareholders," continued Mr. Fleming. "As we look towards the second half of the year, we remain confident that we'll be able to continue to deliver on this commitment and are well-positioned for positive long-term results."

Summary of Financial Results

Consolidated Revenues

Consolidated revenues for the three and six months ended June 30, 2015 were $9.1 million and $16.7 million, respectively, compared to $8.9 million and $15.9 million for the three and six months ended June 30, 2014. The increase in both periods is primarily attributed to the phase-in of incremental revenues from the rate case settlement with the Arizona Corporation Commission (ACC), and to customer growth of approximately 3.0% year to date on an annualized basis. The revenue increase in the second quarter was offset by a decline in consumption due to higher precipitation and lower average temperatures during the period.

Operating Expenses

Operating expenses for the three and six months ended June 30, 2015 were $6.8 million and $13.6 million, respectively, compared to $7.4 million and $14.6 million for the three and six months ended June 30, 2014. Note that the six months ended June 30, 2014 amounts exclude the $50.7 million one-time gain associated with the regulatory order.

The $0.6 million improvement in the second quarter of 2015 represents an 8% decrease in operating expenses from the same period last year, primarily attributed to lower personnel costs associated with the completion of the executive transition plan, lower deferred compensation expenses and reduced contract services expenses related to residual disposal. The $1.0 million decrease in operating expenses for the six months ended June 30, 2015 was also primarily attributed to lower personnel costs associated with the completion of the executive transition plan, lower deferred compensation expenses and reduced contract services expenses related to residual disposal.

Net Income

Global Water realized a net income of $0.4 million and a loss of $0.5 million, respectively, for the three and six months ended June 30, 2015, compared to a net loss of $0.5 million and an income of $65.8 million for the three and six months ended June 30, 2014.

The change in the three months ended June 30, 2015 is primarily attributed to increased revenue due to an increased customer base, rate increases from the ACC settlement and the $0.6 million reduction in total operating expenses. In addition to the revenue and expense improvements, the change in the six months ended June 30, 2015 was also attributed to the $50.7 million gain and $16.1 million tax benefit related to the regulatory order that were recorded by the Company during the six months ended June 30, 2014. Additionally, there was a one-time event wherein $2.0 million of income was recorded during six months ended June 30, 2014 related to the settlement of outstanding litigation.

EBITDA

EBITDA for the three and six months ended June 30, 2015 was $5.0 million and $7.9 million, respectively, compared to $3.7 million and $58.3 million for the three and six months ended June 30, 2014. The change in EBITDA for the three months ended June 30, 2015 was primarily attributed to the increased rates and reduced general and administrative expenses previously mentioned. For the six months ended June 30, 2015 compared to the six months ended June 30, 2014, the change in EBITDA is primarily attributed to the $50.7 million gain on regulatory order and one-time $2.0 million of income related to the settlement of outstanding litigation, both of which were recorded in the six months ended June 30, 2014.

Adjusted EBITDA for the three and six months ended June 30, 2015 was $4.7 million and $7.9 million, respectively, compared to $4.0 million and $6.1 million for the three and six months ended June 30, 2014. The $0.7 million and $1.8 million increase in Adjusted EBITDA for both the three and six month periods ended June 30, 2015, respectively, was primarily attributed to the rate increase, growth in new connections and reduction in general and administrative expenses.

Business Outlook

Global Water's growth strategy for its regulated water, wastewater and recycled water business is driven by increased service connections, continued operating efficiencies and utility rate increases approved by the ACC.

Arizona's Growth Corridor: Positive Population Trends

The second quarter of 2015 continued to show positive growth in new connections and re-establishing service on previously vacant homes. As of June 30, 2015, total service connections increased to 45,504 compared to 45,235 as of December 31, 2014. The Company's vacancy rate is now at 2.8% after reaching a peak of 11.2% in February of 2009. Total active connections have increased to 44,217 compared to 43,568 as of December 31, 2014.

The Metropolitan Phoenix area is steadily growing due to low-cost housing, excellent weather, large and growing universities, a diverse employment base and low taxes. Its population has increased throughout 2014 and into 2015, and it continues to grow.

The Arizona Department of Administration – Office of Employment and Population Statistics ("ADOA-EPS") predicts that Maricopa County will have a population of 4.5 million by 2020. This rate of growth, combined with six more years of rate phase-ins, will create the opportunity for Global Water to meaningfully increase its active connections and regulated revenues for the foreseeable future.

Disposition of Non-Core Assets

On July 15th of this year, Global Water completed the transfer of the assets of Valencia Water Company, Inc. to the City of Buckeye. Upon closing the transaction, the City of Buckeye paid Global Water US$55 million and an additional US$198,000 as a result of a working capital adjustment. The agreement also stipulates that Buckeye will pay Global Water a growth premium equal to US$3,000 for each new meter installed within Valencia's prior service area for a 20-year period subject to a maximum payout of US$45 million. The first growth premium payment will occur in mid-November and will include payment for the new water meters installed during the first three quarters of 2015, with all subsequent payments to be made quarterly.

In consideration of this transaction, combined with marked growth and operational progress, on July 28, 2015, the Company announced a special dividend in the amount of CAD $1.55 per share. Furthermore, on July 31, 2015 the Company announced a nearly 9% increase to the monthly cash dividend in the amount of CAD $0.0283 per Share, or an annualized amount of CAD $0.3396 per Share. This marked the third increase to the dividend since it was initiated last year.

Conference Call

Global Water will conduct a conference call on Thursday, August 13, 2015, at 1:00 p.m. EST. Interested persons may access the call by dialing (647) 427-7450 or toll free at (888) 231-8191. Shortly after the conclusion of the call, a replay will be available by dialing (416) 849-0833 or (855) 859-2056. The passcode is 91842440. The replay will expire at midnight (EST) on August 27, 2015. A copy of the transcript and an audio replay of the conference call, once available, will be archived within the investor section of the Company's web site at www.gwresources.com.

About GWR Global Water Resources Corp.

The Company was incorporated in British Columbia to acquire shares of U.S. based Global Water and to actively participate in the management, business and operations of Global Water through its representation on the board of directors of Global Water and its shared management of Global Water.

About Global Water

Global Water is a pure-play, high-growth water resources company located in Phoenix, Arizona, that owns and operates regulated water, wastewater and recycled water utilities in the metropolitan Phoenix area.

Cautionary Note Regarding Forward-Looking StatementsThis press release includes certain forward-looking statements. These forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions, and other statements contained in this release that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or the negative of these terms, or other words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors and other factors discussed under the heading "Risk Factors" in the Company's most recent Annual Information Form. We undertake no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.

Cautionary Note Regarding Non-GAAP MeasuresThis press release contains references to "EBITDA". EBITDA is defined for the purposes of this press release as income or loss from continuing operations before interest expense, income tax expense, depreciation and amortization. Management believes that EBITDA is a useful supplemental measure of Global Water's operating performance. However, EBITDA is not a recognized earnings measure under U.S. GAAP or Canadian GAAP and do not have a standardized meaning prescribed by U.S. GAAP or Canadian GAAP. Therefore, EBITDA may not be comparable to similar measures presented by other issuers. EBITDA should not be construed as an alternative to net income or loss. See "Consolidated Statements of Operations for the eight quarters ended December 31, 2014" in the attached schedules for a reconciliation of EBITDA to net income, the nearest comparable U.S, GAAP measure.

GWR GLOBAL WATER RESOURCES CORP.

BALANCE SHEETS

As of June 30, 2015 and December 31, 2014

(Unaudited)

June 30, 2015

December 31, 2014

(in thousands of US$, except share data)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$ 450

$ 189

Other current assets

51

18

Total current assets

501

207

Equity method investment

57,921

59,794

TOTAL ASSETS

$ 58,422

$ 60,001

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES:

Dividends payable, accounts payable and accrued expenses

$ 196

$ 212

Due to related party

268

—

Other noncurrent liabilities

229

155

Deferred tax liability

1,635

1,666

Total liabilities

2,328

2,033

COMMITMENTS AND CONTINGENCIES (see Note 9)

SHAREHOLDERS' EQUITY:

Common stock, unlimited shares authorized, 8,737,412 shares issued and outstanding at June 30, 2015 and December 31, 2014

55,712

55,807

Retained earnings

382

2,161

Total shareholders' equity

56,094

57,968

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$ 58,422

$ 60,001

GWR GLOBAL WATER RESOURCES CORP.

STATEMENTS OF OPERATIONS

For the Three and Six Months Ended June 30, 2015 and 2014

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2015

2014

2015

2014

(in thousands of US$, except share and per share data)

GAIN (LOSS) FROM EQUITY INVESTMENT

$ 194

$ (235)

$ (246)

$ 31,641

OPERATING EXPENSES

262

262

496

408

OPERATING INCOME (LOSS)

(68)

(497)

(742)

31,233

INCOME (LOSS) BEFORE INCOME TAXES

(68)

(497)

(742)

31,233

INCOME TAX BENEFIT (EXPENSE)

(81)

311

32

(1,526)

NET INCOME (LOSS)

$ (149)

$ (186)

$ (710)

$ 29,707

WEIGHTED AVERAGE SHARES:

Basic

8,744,912

8,754,612

8,749,682

8,754,612

Diluted

8,744,912

8,754,612

8,749,682

8,762,348

EARNINGS (LOSS) PER SHARE:

Basic

$ (0.02)

$ (0.02)

$ (0.08)

$ 3.39

Diluted

$ (0.02)

$ (0.02)

$ (0.08)

$ 3.39

GLOBAL WATER RESOURCES, INC.

CONSOLIDATED BALANCE SHEETS

As of June 30, 2015 and December 31, 2014

(Unaudited)

June 30, 2015

December 31, 2014

ASSETS

(in thousands of US$, except share data)

PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment

$ 254,790

$ 318,995

Less accumulated depreciation

(60,692)

(78,571)

Net property, plant and equipment

194,098

240,424

CURRENT ASSETS:

Cash and cash equivalents

3,564

6,577

Accounts receivable – net

1,416

1,365

Due from related party

598

457

Accrued revenue

1,830

1,762

Prepaid expenses and other current assets

615

541

Deferred tax assets - current

1,675

1,591

Assets held for sale

56,117

—

Total current assets

65,815

12,293

OTHER ASSETS:

Goodwill

—

13,082

Intangible assets – net

12,772

12,772

Regulatory assets

333

400

Deposits

19

25

Bond service fund and other restricted cash

10,043

9,927

Debt issuance costs - net

2,601

2,722

Equity method investment

1,050

1,150

Deferred tax assets

15,057

14,806

Total other assets

41,875

54,884

TOTAL

$ 301,788

$ 307,601

LIABILITIES AND EQUITY (DEFICIT)

CURRENT LIABILITIES:

Accounts payable

$ 982

$ 1,531

Accrued expenses

5,032

6,832

Deferred revenue – current portion

9

13

Customer and meter deposits

1,855

2,601

Long-term debt – current portion

2,683

2,653

Liabilities held for sale

41,871

—

Total current liabilities

52,432

13,630

NONCURRENT LIABILITIES:

Long-term debt

127,104

127,491

Deferred regulatory gain

19,730

19,730

Regulatory liability

7,859

7,859

Advances in aid of construction

60,940

89,206

Contributions in aid of construction – net

4,520

17,096

Acquisition liability

4,688

4,688

Other noncurrent liabilities

203

221

Total noncurrent liabilities

225,044

266,291

Total liabilities

277,476

279,921

Commitments and contingencies (see Note 12)

EQUITY (DEFICIT):

Common stock, $0.01 par value, 1,000,000 shares authorized, 181,878 and 182,050 shares issued and outstanding at June 30, 2015 and December 31, 2014

2

2

Paid in capital

47,783

50,639

Accumulated deficit

(23,473)

(22,961)

Total equity

24,312

27,680

TOTAL

$ 301,788

$ 307,601

GLOBAL WATER RESOURCES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three and Six Months Ended June 30, 2015 and 2014

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2015

2014

2015

2014

(in thousands of US$)

REVENUES:

Water services

$ 5,114

$ 5,127

$ 9,007

$ 8,744

Wastewater and recycled water services

3,793

3,612

7,395

6,977

Unregulated revenues

175

116

302

130

Total revenues

9,082

8,855

16,704

15,851

OPERATING EXPENSES:

Operations and maintenance

2,675

2,695

5,146

5,178

General and administrative

1,807

2,280

3,871

4,769

Gain on regulatory order

—

—

—

(50,664)

Depreciation

2,320

2,427

4,632

4,671

Total operating expenses

6,802

7,402

13,649

(36,046)

OPERATING INCOME

2,280

1,453

3,055

51,897

OTHER INCOME (EXPENSE):

Interest income

2

22

4

41

Interest expense

(2,050)

(2,152)

(4,129)

(4,376)

Other

363

(147)

222

1,774

Total other income (expense)

(1,685)

(2,277)

(3,903)

(2,561)

INCOME (LOSS) BEFORE INCOME TAXES

595

(824)

(848)

49,336

INCOME TAX BENEFIT (EXPENSE)

(192)

335

336

16,460

NET INCOME (LOSS)

$ 403

$ (489)

$ (512)

$ 65,796

GLOBAL WATER RESOURCES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Eight Quarters Ended June 30, 2015

(Unaudited)

2015

2014

2013

REVENUES:

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Water services

$ 5,114

$ 3,893

$ 4,245

$ 5,087

$ 5,127

$ 3,617

$ 4,223

$ 5,405

Wastewater and recycled water services

3,793

3,602

3,551

3,584

3,612

3,365

3,498

3,536

Unregulated revenues

175

127

117

124

116

14

45

49

Total revenues

9,082

7,622

7,913

8,795

8,855

6,996

7,766

8,990

OPERATING EXPENSES:

Operations and maintenance

2,675

2,471

2,563

2,677

2,695

2,483

2,460

3,043

General and administrative

1,807

2,064

2,199

1,841

2,280

2,489

1,671

2,608

Gain on regulatory order

—

—

—

—

—

(50,664)

—

—

Depreciation

2,320

2,312

2,279

2,255

2,427

2,244

2,134

2,306

Total operating expenses

6,802

6,847

7,041

6,773

7,402

(43,448)

6,265

7,957

OPERATING INCOME (LOSS)

2,280

775

872

2,022

1,453

50,444

1,501

1,033

OTHER INCOME (EXPENSE):

Interest income

2

2

15

23

22

19

20

20

Interest expense

(2,050)

(2,079)

(3,025)

(2,111)

(2,152)

(2,224)

(2,351)

(2,209)

Other

363

(141)

781

23

(147)

1,921

978

1,818

Total other income (expense)

(1,685)

(2,218)

(2,229)

(2,065)

(2,277)

(284)

(1,353)

(371)

INCOME (LOSS) BEFORE INCOME TAXES

595

(1,443)

(1,357)

(43)

(824)

50,160

148

662

INCOME TAX BENEFIT (EXPENSE)

(192)

528

518

17

335

16,125

(11)

(2)

NET INCOME (LOSS)

$ 403

$ (915)

$ (839)

$ (26)

$ (489)

$ 66,285

$ 137

$ 660

Adjusted EBITDA (1)

4,723

3,166

3,314

4,367

3,966

2,098

3,767

3,346

(1) Adjustments exclude the loss on assets held for sale, gain on sale of Loop 303 Contracts, loss on equity investment, gain on regulatory order, gain on SNR litigation proceeds and loss on sale of GWM.